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A question has arisen as to when a student is considered "enrolled". Our
Financial Aid office is questioning how to verify enrollment when classes
haven't started yet in order to pay loan funds.
According to Cash Management guidelines, the earliest a school may disburse
SFA program funds for a student enrolled in a credit-hour program, is 10
days before the first day of classes for a payment period. Since classes
have not really started, how do you know if a student is enrolled?
Does your school receive funds electronically from the lender?
Do you immediately credit the student's account when funds are received,
i.e. consummate the loan, or do you wait until you verify every student on
the roster and leave the funds in a holding account? If you leave the funds
in a holding fund, how do you comply with the 3-day rule?
Thanks for your input.
Carol Pollitz, CPA
Comptroller
Valley Forge Christian College
1401 Charlestown Road
Phoenixville, PA 19460
610-917-1420
capollitz@vfcc.edu
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